He was born in Iran and later moved to Canada, where he and his family started a small textile business before pivoting to real estate development. The family's strategy focused on acquiring large, undervalued parcels of land in Edmonton, Alberta, which became the foundation for their massive mall and mixed-use developments.
The Ghermezian Family Business Empire
West Edmonton Mall
The Ghermezian family's most famous asset is West Edmonton Mall, which was the largest shopping mall in North America for decades and remains one of the biggest in the world. The mall features over 800 stores, an indoor amusement park, a hotel, a hockey arena, and a massive water park. It is a major tourist destination and a cornerstone of the family's commercial portfolio.
The mall is managed and developed by Triple Five Group, the family's private holding company that also oversees other major shopping and entertainment complexes across North America. Triple Five has a history of pursuing large-scale, mixed-use projects that combine retail, leisure, and hospitality elements.
Jacob Ghermezian Net Worth and Current Status
Jacob Ghermezian's net worth is estimated at approximately $3.5 billion, placing him among the wealthiest individuals in Canada. The bulk of his fortune is tied to the value of the family's real estate holdings, shopping malls, and entertainment properties. The family's wealth has grown steadily through the decades as their developments have generated consistent rental and tourism revenue.
The Ghermezian family's current projects include the expansion of their North American mall portfolio and the development of new large-scale entertainment and retail destinations. They continue to be a major force in commercial real estate, with their assets attracting millions of visitors annually and generating billions in economic activity. For more details on their portfolio, see the Forbes profile on the family's business operations.